Steelmaker cuts scrap prices further by JPY 500/MT (USD 4) at all works today

Japan’s leading EAF steel mini-mill - Tokyo Steel has slashed scrap purchase prices for 8th time in Nov’18. As per new price circular released, prices reduced by JPY 500/MT (USD 4) at all five works of the company in Japan. New prices shall be effective from tomorrow.

Tokyo steel’s H2 prices stand at JPY 31,500/MT (USD 277) for largest plant Tahara in central Japan and for Okayama works in western Japan. Bids for the same grade noted at JPY 30,500/MT for its Takamatsu steel center, JPY 33,000/MT for Kyushu plant.

Revised price stands at JPY 32,500/MT for Utsunomiya plant located in the Kanto region hitting almost 1 year low as similar price levels were last seen in Nov'17.

According to sources, domestic scrap prices continue downtrend on the ongoing difficult situation for new export contracts. South Korean Hyundai Steel placed bids for Japanese H2 at JPY 30,500/MT,FoB Japan. Following which export offers have also come under pressure and stand in the range JPY 31,000-32,000/MT (USD 273-282), FoB.

Market turns uncertain if prices have hit bottom or not. Suppliers believe that they do not see a bottom yet even after sharp fall in the prices.

As per recent updates received from sources, ‘Kanto Tetsugen’- monthly ferrous scrap export tender for Dec’18 concluded today (11th Dec) in the Kanto region in Japan. 20,000 MT H2 scrap was auctioned in the four winning bids presented with an average bid recorded at JPY 29,478/MT (USD 261), FAS in Dec’18.

Turkey-based steel mills observed a fresh deal for European scrap as soon as they received the lower price from a supplier. Amid dull finish steel demand steel mills in Turkey were holding their buying price at lower side witnessing no significant deal concluded for past two weeks. However, recent deal heard pulled prices down by USD 5-7/MT further.

Mobarakeh Steel Company (MSC), Iran’s largest steel company has produced 5.28 MnT crude steel during the 8 months of current Persian year (21 Mar-21 Nov’18). Crude steel production registered a growth of 12% Y-o-Y against around 4.60 MnT produced by MSC during the same period of last Persian year.

Iran, one of the largest billet exporter in MENA region is currently facing economic sanctions from US, owing to which the steel export has affected badly. Iran has exported 1,806,000 MT billet and bloom during the first seven months of current Persian year (21-Mar till 22-Oct’18).

Iran, one of the largest steelmaker in MENA has witnessed a sharp fall in graphite electrode imports. The nation, primarily produce steel through EAF, has imported 3,380 MT GE in Oct’18, registered a downfall of 60% M-o-M against 7,900 MT imported in Sep’18.

According to IMIDRO, Azerbayjani steel has bagged CE certification from Europe in order to export manufactured products to other countries, as well as to promote the brand and create an additional competitive advantage in the steel sector of the country.

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